You're watching...
Former Oklahoma Governor Frank Keating on big banks trying to dodge blame for the Libor scandal.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- -- rewarding this morning that the big banks are apparently throwing each other under the -- the Libor scandal getting ugly the New York Times reporting that a number.
Of the banks are now telling tales about their rivals and they're hoping to dodge blame any interest rate rigging investigation and we -- Frank Keating.
President of the American Bankers Association and former governor of Oklahoma on to talk about that.
From DC the article in the times.
Governor talks about the likes of JPMorgan and Citigroup coming forward with things like pay.
We start CEO wasn't personally involved -- was the case with Barclays and -- with people saying.
This guy was worse than than I was what do you make of this.
Well and you know it's all politics all the time even in private business I think that's not a but expected to have people pointing -- fingers somebody else but.
You know coddling my checkered past -- and FBI's ten.
United States attorney and supervisors the number three official injustice -- all of the criminal prosecutions in the US.
Died in the course from an investigation the best thing to do is say nothing.
Let the investigators.
Work their way through the mounds of evidence or accusations.
And then make a decision at the tail end as to what is right what's wrong and what should be done about it right now they're just too many.
I don't wanna save flimsy facts with a small -- but just a lot of rumor and innuendo artist -- get to the bottom of this Libor issue is important.
But let's get the facts before we opine as to what happened -- who should go to jail if anybody.
What do you see then that's come out so far -- that you would characterize.
As.
-- -- flimsy the issue were in middle there was a lot of that CFTC report about Barclays in particular in some of the emails seem debate.
Smoking guns and lot of those.
People talk about the fact that other banks might be involved what what's come out that you say is is flimsy and may not have been illegal activity what are you we are right.
You know you don't coddle the Deborah -- in dealing with email us is a lot of times you're thinking out loud as opposed to concluding.
And and that is something that in context.
Might make more sense or -- -- those are very difficult things to move through.
And find out what is a conclusion document what's marry somebody.
Hoping or wishing or thinking out loud.
But the reality is this system obviously needs to be fixed right it was never intended to be objective is pretty -- subjected.
And to the extent that you can get assurance.
And facts out of it so people can make.
Some of these decisions are fifty years down the way a lot sensible and factual decisions that's we need to do.
Yeah a lot of people say let's have at least some sort of a real rate not and as you say hey I subjective.
Question that's being -- and then it -- sets itself up at -- is gonna happen that he incentives were there.
To make that happen that's understood what about all this talk about breaking up the banks get to see sandy -- of all people come -- say they should be broken up from your position where you sit W represented what -- say about it.
Well I'm an American first stand and answer it amusing to me that.
And the united states of the top fifty banks in the world we have five.
And we don't have any bank in -- top five in the world.
So what are we gonna do break up Caterpillar break up the -- because we want to cut off our nose to spite our face.
That makes no sense at all what we wanna do is encourage America to continue to have its balance of payment surplus -- in financial services.
Which means if there are problems at the banks -- them and now we have.
-- Dodd-Frank with -- resolution authority with all of this.
Massive amount of regulation.
DO not to say that we're gonna break up the banks and and turn -- over American big business.
Funding to the Chinese banks so that I don't think he's real successful.
And unfortunately have to run governor -- -- -- some of these other companies aren't of these non financial companies wouldn't sit under too big to fail umbrella would -- you know and that we would be bailing out.
Or would -- that's why you don't know that's why a -- if we.
If we god to bring back Glass-Steagall right then what's gonna happen is all those people will be outside the -- I think it's important to have.
As few non banks is -- and regulatory system that applies to everybody fairly and transparently -- let's keep this up conversation -- going you've been on many times we'll have you back guy governor Frank Keating thanks a lot.
-- --
